When starting a new CRM project it can be beneficial to review the CRM terms below. Many organizations have different definitions for what is considered a Lead, Account, or Opportunity for example. Reviewing these terms can help bring your team up-to-speed on the lingo right away. Some users miss this step and are confused for the first few design meetings about what records are being discussed.
CRM Project Terms
Term & Definition for Project
Account
- A Business or Company or Person or Group that you sell products to
- Same as Account in GP
- The company billed in transactions
Parent Account
- Multiple Accounts can be part of a Parent Account
- A College may have 4 campuses that order SP Products. The College is the Parent Account and the 4 campuses are Accounts related to the Parent Account.
Contact
- Individual people
- Related to an Account
Lead
- List of Contacts and Accounts that you do not know
- Very little data about the Contact/Account
- This is a list of unqualified contacts/accounts
- The contacts and accounts have not placed an order
Prospect
- A Lead with more data
- A Lead that has been qualified
Opportunity
- Represents a potential sale to people (Accounts/Contacts) that exist in your database
- Included in your sales pipeline
- Orders and Invoices
Feeling refreshed on the Dynamics CRM lingo? Refresh your CRM knowledge with other Dynamics CRM tips by heading over to our tips library.
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